Bharat Coking Coal IPO: GMP surges ahead of 2026's first mainboard IPO opening, hints at premium listing:Bharat Coking Coal IPO, BCCL IPO GMP, Coal India OFS, first mainboard IPO 2026, BCCL price band, IPO subscription details, coking coal producer India, IDBI Capital ICICI Securities IPO

News Topical, Digital Desk : Bharat Coking Coal IPO: Bharat Coking Coal Ltd. (BCCL) is a wholly owned subsidiary of Coal India Ltd. Its first mainboard IPO is coming in 2026. Through this issue, Coal India plans to raise ₹1,071 crore by selling a 10% stake under an offer for sale (OFS).

BCCL shares are seeing significant excitement in the unofficial market (grey market) even before the issue opens. The grey market premium (GMP) remains around 50%, indicating expectations of strong listing gains.

The company has fixed the price band at ₹21-₹23 per share.
Retail investors: Minimum 600 shares (₹13,800 at the upper band), thereafter application in multiples of 600
Reserve: Retail 35%, QIB 50%, NII 10%
Shareholder quota: ₹107 crore worth of shares reserved for eligible Coal India shareholders
Who will be eligible?: Those who hold shares of Coal India till January 1, 2026, can apply in this quota.
At the upper price band, the post-issue market cap of BCCL is estimated to be around ₹10,711 crore.

Issue Schedule and Other Details The three-day public offer will open on Friday, January 9th and close on Tuesday, January 13th. Eligible employees will receive a discount of ₹1 per share. This IPO is a pure OFS; upon listing, Coal India's stake will be reduced from 100% to 90%, well above the minimum public shareholding requirements.

Overview of the Company Profile Bharat Coking Coal is the country's largest coking coal producer. It contributed approximately 58.5% of domestic production in FY25. The company primarily operates in the Jharia coalfields in Jharkhand and the Raniganj coalfields in West Bengal.

Lead Managers and Listing The book running lead managers for the issue are IDBI Capital and ICICI Securities. The basis of allotment is expected to be finalized on January 14th, and the listing of shares is expected on Friday, January 16th. According to reports, the proposed listing is part of Coal India's broader plan to list all its subsidiaries by FY30. Meanwhile, Coal India shares are trading 1.49% lower at ₹425.20.